Mixed-Use Property with
For Sale
$639,900
603 Florence Avenue, Union Beach, NJ 07735
Commercial Sale, Union Beach, NJ
Property Size1,986 SF
Price / SF$322.21
Days on Market116
Property Features for 603 Florence Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Office, Professional, Mixed, Commercial
Parking
8
Parking features
Open, Parking Lot, Off Street
Basement
Crawl Space
Lot features
Irregular Lot, Level, Sidewalks
Directions
Route 36 to Poole Avenue, Right on Florence or Union Avenue, Left on Florence. Across from Keller's Deli.
Standard status
Active
APN
50-00015-0000-00001-01
Size
1,986 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14972
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Water front
1
Amenities
open space
separate back room
storage space
fire panel alarm system
Building Details
Year built
2025
Floors in Building
2
Flooring type
Vinyl
Building materials
Block, Brick, Concrete
Listing Agency:
Hometown Residential Realty LLC
(732) 583-8888
Listed By:
Susan Grace McGowan · License #0125875
(732) 614-4025
Added: May 19
Changed: Aug 27
Last Checked: Sep 11 at 2:06AM
MLS# 22614738
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,986-square-foot mixed-use building includes a professional office arrangement on the first floor and a residential apartment above. The office level provides open workspace, a private rear room with separate access, storage, and a fire panel alarm system. The second-floor apartment has two bedrooms, one bathroom, a living room, dining area, kitchen with stainless appliances, and a walk-up attic.
The property is positioned at the corner of Florence Avenue and Dock and includes parking for five vehicles. Block, brick, and concrete construction, vinyl flooring, forced-air heating, central air, public water, and public sewer are among the recorded property features. The second-floor unit is currently rented.
The property is positioned at the corner of Florence Avenue and Dock and includes parking for five vehicles. Block, brick, and concrete construction, vinyl flooring, forced-air heating, central air, public water, and public sewer are among the recorded property features. The second-floor unit is currently rented.
Key Highlights
- 1,986‑square‑foot mixed‑use building with office and residential components
- First‑floor office includes open workspace, separate rear room, storage, and fire panel alarm system
- Second‑floor apartment has 2 bedrooms, 1 bathroom, living and dining areas, kitchen, and walk‑up attic
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,541
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$610,820
$610.8K
Cap Rate 7%
$436,300
$436.3K
Cap Rate 9%
$339,344
$339.3K
Market Conditions
NOI Build-Up for 1,986 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.6K $30.00/SF
− Vacancy
−$4.1K −$2.04/SF
EGI
$55.5K $27.96/SF
− OpEx
−$25.0K −$12.58/SF
NOI
$30.5K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$610,820
Cap Rate 7%
$436,300
Cap Rate 9%
$339,344
Alternative Uses
Best Use
Apartment 5plus
$436.3K
$381.8K – $509.0K
NOI $30,541 @ 7.0% cap · market cap 4.77%
Second Best
Office B
$434.1K
$379.8K – $506.4K
NOI $30,386 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$518.6K
$453.8K – $605.0K
NOI $36,301 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial building combines flexible office space with an occupied residential unit and on-site parking.
Where is this mixed-use property located?
The property is located at 603 Florence Avenue Union Beach, NJ.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 1,986‑square‑foot mixed‑use building with office and residential components; First‑floor office includes open workspace, separate rear room, storage, and fire panel alarm system; Second‑floor apartment has 2 bedrooms, 1 bathroom, living and dining areas, kitchen, and walk‑up attic
